Unleash Your Market Research Potential with this Actionable Webinar!
Discover the essentials of market research through the "Marketing Insights Unleashed" webinar. Learn to identify your business uniqueness, understand your target audience and competition, and leverage market insights effectively. Practical examples and a step-by-step guide will empower you to implement these strategies in your business for growth and success. Don't miss this opportunity to enhance your market research skills and take your business to new heights!
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Marketing Insights Unleashed: A business Owners Guide to Market Research Marketing Insights Unleashed: A Business Owner s Guide to Market Research A webinar that will help you build an actionable business research plan By Charissa Rubey & Andreanna Zioni www.score.org
What we will do today: Part 1: Understand what makes your business unique. Part 2: Understand your target audience. Part 3: Understand your competition. Marketing Insights Unleashed: A Business Owner s Guide to Market Research Our goal: Learn together about market research basics. Demonstrate practical applications. Why is market research important? To better understand your customers, what they need and how to better communicate with them. To identify new opportunities and explore new ideas for your offerings. To help you optimize your pricing. www.score.org
Marketing Insights Unleashed: A Business Owner s Guide to Market Research www.score.org
We want this session to be as practical as possible. So we will give an example of one of SCORE s clients. Marketing Insights Unleashed: A Business Owner s Guide to Market Research www.score.org
How can you get the most out of this webinar? Use the worksheet throughout the session. For each example try to think how can this be implemented in your business. Marketing Insights Unleashed: A Business Owner s Guide to Market Research Write down ideas if they come up during the webinar! In the next few days, use the worksheet to do your own research. www.score.org
Marketing Insights Unleashed: A Business Owner s Guide to Market Research Part 1: Understanding what makes your business unique. www.score.org
What are the important things to think about when figuring out what makes your business unique? Marketing Insights Unleashed: A Business Owner s Guide to Market Research What does your business do? What products or services does your business sell? What do my products and/or services include? What does it actually do? These items are considered your features. Why would someone want to buy my products or services? These items are considered your benefits. Part 1: What makes your business unique www.score.org
When you have a full and complete understanding of what your business does, you can easily explain it to your customers. Marketing Insights Unleashed: A business Owners Guide to Market Research Things to consider if you sell products Do you manufacture the products or resell products manufactured by other companies? Do you sell your products retail? Wholesale? Both? Do you warehouse product/ship direct to the end user (just a few products at a time) Do you sell to other businesses in bulk (BtoB) Do you sell your product online? Brick & Mortar? Both? Part 1: What Does your business DO. If you sell services: Do you travel to do your job or do your customers come to you? Do you charge by the job or by the hour? Do you supply all the needed materials? www.score.org
Clearly explaining to customers what products or services you sell is a powerful marketing tool. Marketing Insights Unleashed: A Business Owner s Guide to Market Research Products -- Examples I sell handmade jewelry I make myself out of silver and semi- precious stones. I make beauty products for people with sensitive skin. I have a mini farm and I sell produce, eggs and live chickens. Part 1: What Products or Services does your business SELL? Services -- Examples I own a restaurant that sells authentic homemade southern food, and I am open for breakfast, lunch and dinner. I am a contractor who can build a home for you from the ground up. I am a dog groomer whose services include: bathing, clipping and nail trimming. www.score.org
Clearly explaining to customers what the FEATURES are of the products or services you sell is a powerful marketing tool. Marketing Insights Unleashed: A Business Owner s Guide to Market Research What are the FEATURES of your Products? What does it actually do? State it simply and clearly. What are some of the unique special features that your product has that your competitors products don t have? What additional items are included in your product? Is your product made in the USA? American made products are a big selling point! Part 1: What does my Product or Service INCLUDE? What are the FEATURES of your Service? What kinds of services do you offer? What are some specific things about your services that make you better than or different from your competitors? www.score.org
Clearly explaining to customers what the BENEFITS are of the products or services you sell is a powerful marketing tool. Marketing Insights Unleashed: A Business Owner s Guide to Market Research What are the BENEFITS of your Products? How can they improve someone's life? How can they make someone's life easier? How can they make someone s life more fun? Part 1: Why would someone buy my Products or Services? What are the BENEFITS of your Services? How can your services make someone money? How can your services fix something? How can your services make someone more beautiful? How can your services make someone happier? IMPORTANT NOTE: Always make sure to avoid legally binding terminology (like you will lose weight, you will be safe) www.score.org
Marketing Insights Unleashed: A Business Owner s Guide to Market Research Part 2: Understanding your target audience. www.score.org
What is a target audience? Marketing Insights Unleashed: A Business Owner s Guide to Market Research A target audience refers to a demographic or specific group of people that a business aims to reach with its products, services, or marketing efforts. Part 2: This group is characterized by certain shared characteristics, such as age, gender, income level, interests, behaviors, or geographic location. Who is my target audience? www.score.org
Why is it important to understand your target audience? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Tailored Products/Services -- Allows you to tailor your products and/or services to your audiences specific needs. Part 2: Tailored Messaging -- Speaks in their language and tone of voice. Who is my target audience? Personalized Experience -- Enhances customer satisfaction and brand loyalty by providing a more personalized experience. Effective marketing Allows you to find and target your target audience and how to approach them. www.score.org
What are the shared interests of my target market? Ask yourself the question, People who buy my product usually love : Marketing Insights Unleashed: A Business Owner s Guide to Market Research Cooking Gaming Part 2: Riding Horses Shared Interests Home Repair Family & Children Arts & Crafts Photography www.score.org Work/Life Balance
What are the shared demographics of my target market? Ask yourself the question, People who buy my product usually are in what group? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Industry (Construction, Health & Beauty, etc.) Hair Color or Type (curly, straight, etc.) Gender Age Bracket Occupation Political Affiliation Marital Status Military Status Health Status Part 2: Shared Demographic www.score.org
You should end up with several examples of what your customers might be like based on shared interests and shared demographics: Females who are in the military People who travel a lot and have dogs Children with curly hair Parents with children who have ADHD Marketing Insights Unleashed: A Business Owner s Guide to Market Research You can have more than one target audience: If you have a hair salon: You can have a male and female target audience. If you a face lotion product line: You can sell to younger and older adults. If you have a landscaping business: You can sell to homeowners as well as businesses. If you have a car rental business: You can rent to families going on long-distance vacations, or couples going out for the weekend. Part 2: Examples www.score.org
What Social Media Platforms does my target audience use? Why? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Facebook: Older demographic. Focus on text and images. Instagram: Younger or creative demographic. Focus on inspirational and creative content, story, reels. YouTube: Educational content TikTok: Younger or creative demographic, focus on reels. LinkedIn: Business & content Focused X (Formerly Twitter) Part 2: Social Media Platforms www.score.org
What should the tone of my voice be? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Professional Silly/Funny Stoic/Serious Friendly/Approachable Crazy/Wild Edgy Part 2: What should personna look like? Be sure to consider: Tone of Voice Color Fonts Images www.score.org
What are the shared interests of my target audience? What is the shared demographic of my target audience? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Beauty Age: 30-50 Gender: Females Skincare & selfcare Part 2: Who is my target audience? What Social Media Platforms does my target audience use? What should my tone of voice be: (fun, professional, etc.) Youtube (for makeup tutorials) Instagram Mostly for females Fun but professional Artistic Clean www.score.org
Marketing Insights Unleashed: A Business Owner s Guide to Market Research Part 3: Understanding your competitors. www.score.org
Why is it important to understand your competitors? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Helps you to understand what other options your potential customers have. Helps you learn what competitors do well, so you can improve. Helps you learn what the competitors do poorly, so you can brag about it to your potential customers. Part 3: Types of competitors: Who is my Competition? Direct competitors: Do the same thing as you do. Indirect competitors: Answer the same need your business does. www.score.org
Finding your competition makes you a better company. ALWAYS. Don t be afraid to find out! Marketing Insights Unleashed: A Business Owner s Guide to Market Research Competitor research tips and tricks: Part 3: If you sell local, check local first. Use keywords that are for your specific geographic area. Look on Google, Ebay, Amazon, Shopify, Facebook, etc. to check competitor pricing. Use product or service specific keywords on Google search or Facebook. Call your competitors and pretend you re a customer; see how they react and talk to you. Check out competitors from OUTSIDE your area to gain further insight. Finding the Competition. www.score.org
Worksheet: Marketing Insights Unleashed: A Business Owner s Guide to Market Research Part 3: The Who is my Competition Worksheet. www.score.org
Marketing Insights Unleashed: A Business Owner s Guide to Market Research Part 3: Example Company. www.score.org
What words and phrases best describe your company and what you do? Marketing Insights Unleashed: A Business Owner s Guide to Market Research Be specific. All-natural Body Scrub Created for someone with sensitive skin Complete product line of skin and hair products Hair products for coily hair Lean on your unique strengths. Made in the USA Handmade Local to Tennessee When you figure out what best describes your products/service, keep track of those terms and use in marketing materials (website, literature, etc). Part 3: What are your Keywords? www.score.org
Searching for your Competitors Marketing Insights Unleashed: A Business Owner s Guide to Market Research Search by similar products with a Google search using your keywords (the more specific the better): Body Scrub made in USA Skin Care made in USA Skin care for eczema / dry skin Body Butter for eczema / dry skin Part 3: Find your Competitors by Product. Search for Similar Products with a Hashtag # search Use Hashtag Generator Scour Social Media www.score.org
FREE Hashtag Generators predis.ai Sistrix.com (Instagram Specific) Inflact.com (Instagram Specific) Tuberanker.com (YouTube Specific) Marketing Insights Unleashed: A Business Owner s Guide to Market Research Part 3: Finding your Hashtags. Which Hashtags should I choose when there are so many? VERY High volume hashtags can get you lost in the crowd VERY Low volume hashtags require people to know that exact special hashtag www.score.org
Take your selected #Hashtags and search social media (Instagram) Marketing Insights Unleashed: A Business Owner s Guide to Market Research Things to watch for: Do similar businesses show prices on social media? Part 3: What type of content comes up? Finding the Competition with Hashtags What pictures are related? What are the colors and tone? What types of images (faces/product)? www.score.org
Search by Similar Industries/Prospective resale locations: Marketing Insights Unleashed: A Business Owner s Guide to Market Research Example: Health Spa, Memphis TN Part 3: What next? Find your Competitors by Industry. Check website Call location Ask for prices Compare LIKE products (apples to apples) www.score.org
Marketing Insights Unleashed: A Business Owner s Guide to Market Research Summary www.score.org
What did we do today: Part 1: Understand what makes your business unique. Part 2: Understand your target audience. Part 3: Understand your competition. Marketing Insights Unleashed: A Business Owner s Guide to Market Research Takeaways: The importance of market research. Who you sell to will have an impact on your branding, messaging and tone of voice. Your pricing can be determined by your competitors. Now, what makes your business unique in comparison to your competitors? How can you communicate this to your customers? www.score.org
Thank you! QUESTIONS? Charissa Rubey & Andreanna Zioni www.score.org
